MasTec, Inc. (NYSE:MTZ) Sees Significant Increase in Short Interest

MasTec, Inc. (NYSE:MTZ) was the target of a large growth in short interest in the month of January. As of January 15th, there was short interest totaling 3,034,907 shares, a growth of 25.2% from the December 31st total of 2,424,821 shares. Based on an average daily volume of 1,148,984 shares, the days-to-cover ratio is presently 2.6 days. Approximately 4.9% of the company’s stock are sold short. Approximately 4.9% of the company’s stock are sold short. Based on an average daily volume of 1,148,984 shares, the days-to-cover ratio is presently 2.6 days.

Analyst Ratings Changes

MTZ has been the subject of a number of recent research reports. Robert W. Baird upped their price target on MasTec from $238.00 to $249.00 and gave the stock an “outperform” rating in a research report on Monday, November 3rd. Barclays raised their price objective on shares of MasTec from $240.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Zacks Research upgraded MasTec from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 30th. Cantor Fitzgerald began coverage on MasTec in a research report on Friday, January 23rd. They issued an “overweight” rating and a $274.00 price target on the stock. Finally, JPMorgan Chase & Co. raised their target price on MasTec from $214.00 to $235.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $238.16.

MasTec Trading Down 4.5%

MTZ traded down $11.17 during midday trading on Wednesday, hitting $238.34. 827,924 shares of the company were exchanged, compared to its average volume of 905,441. The firm’s 50 day moving average price is $227.41 and its 200-day moving average price is $205.68. MasTec has a 1-year low of $99.70 and a 1-year high of $252.23. The firm has a market capitalization of $18.81 billion, a P/E ratio of 56.59 and a beta of 1.94. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 0.69.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MTZ. Salomon & Ludwin LLC boosted its holdings in shares of MasTec by 344.4% during the 3rd quarter. Salomon & Ludwin LLC now owns 120 shares of the construction company’s stock worth $26,000 after buying an additional 93 shares in the last quarter. Caldwell Trust Co acquired a new stake in MasTec in the second quarter worth $29,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of MasTec during the 4th quarter worth about $30,000. Parkside Financial Bank & Trust boosted its stake in MasTec by 253.7% during the 2nd quarter. Parkside Financial Bank & Trust now owns 191 shares of the construction company’s stock valued at $33,000 after purchasing an additional 137 shares during the last quarter. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of MasTec in the second quarter worth approximately $35,000. Institutional investors and hedge funds own 78.10% of the company’s stock.

MasTec Company Profile

MasTec, Inc is a diversified infrastructure construction company that provides engineering, fabrication, installation and maintenance services across a broad range of end markets. Its principal activities encompass the development of communications networks, oil and gas pipeline systems, electrical transmission and distribution facilities, industrial installations and renewable energy projects.

The company traces its roots to a small cable installation operation in Miami and has grown through a series of strategic acquisitions to become one of the largest infrastructure contractors in North America.